Avita Medical (NASDAQ:RCEL) Reaches New 12-Month High – Time to Buy?

Avita Medical Inc. (NASDAQ:RCEL)’s share price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $16.56 and last traded at $16.5150, with a volume of 205,422 shares traded. The stock had previously closed at $16.08.

Analyst Ratings Changes

Several research firms have recently weighed in on RCEL. Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a research note on Monday, September 21st. Wall Street Zen raised shares of Avita Medical from a “sell” rating to a “hold” rating in a report on Sunday, August 2nd. Lake Street Capital lifted their price objective on Avita Medical from $8.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, August 28th. TD Cowen upped their price objective on shares of Avita Medical from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, August 19th. Finally, BTIG Research boosted their price target on shares of Avita Medical from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, October 12th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.20.

Avita Medical Trading Down 1.7%

The stock’s 50-day moving average is $12.10 and its 200-day moving average is $6.48. The stock has a market cap of $505.38 million, a price-to-earnings ratio of -11.23 and a beta of 1.99.

Avita Medical (NASDAQ:RCEL) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business had revenue of $21.70 million during the quarter, compared to analyst estimates of $20.25 million. On average, equities analysts predict that Avita Medical Inc. will post -0.98 earnings per share for the current fiscal year.

Institutional Trading of Avita Medical

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. increased its holdings in shares of Avita Medical by 28.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 16,000 shares of the company’s stock valued at $191,000 after acquiring an additional 3,500 shares during the last quarter. Harpswell Capital Advisors LLC bought a new stake in Avita Medical during the third quarter valued at $150,000. NewEdge Advisors LLC raised its holdings in shares of Avita Medical by 71.4% during the second quarter. NewEdge Advisors LLC now owns 148,931 shares of the company’s stock worth $615,000 after purchasing an additional 62,046 shares during the period. Squarepoint Ops LLC bought a new position in shares of Avita Medical in the 2nd quarter worth about $95,000. Finally, Bank of America Corp DE bought a new position in shares of Avita Medical in the 2nd quarter worth about $213,000. Institutional investors own 27.66% of the company’s stock.

About Avita Medical

Avita Medical, Inc (NASDAQ: RCEL) is a regenerative medicine company focused on developing and commercializing therapies that use a patient’s own cells to help restore damaged skin and tissue. Its lead product is the RECELL System, an autologous cell-harvesting device designed to prepare a suspension of a patient’s skin cells at the point of care for application to wounds.

RECELL is used in the treatment of certain thermal burn wounds and other skin injuries. The system is intended to support wound healing and may reduce the amount of donor skin required for grafting by enabling clinicians to create a cell suspension from a small sample of the patient’s healthy skin.